Homestretch Nonprofit Housing Corporation
- Assets
- $3.8m
- Revenue
- $707.9k
- Investments
- $0.0
- Employees
- 2
- Location
- Traverse City, MI
- Founding
- 03/1998
- Data as of
- 09/2021
- EIN
- 38-3337549
Organization Overview
Homestretch Nonprofit Housing Corporation is located in Traverse City, MI. The organization was established in 1998. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 09/2021, Homestretch Nonprofit Housing Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Homestretch Nonprofit Housing Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2021, Homestretch Nonprofit Housing Corporation generated $707.9k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 35.2% each year . All expenses for the organization totaled $369.1k during the year ending 09/2021. While expenses have increased by 37.0% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
ASSIST LOW INCOME AND ECONOMICALLY DISADVANTAGED FAMILIES TO ACQUIRE AN AFFORDABLE, DECENT HOME IN A SUITABLE ENVIRONMENT IN ORDER THAT THEY MAY BE BOLSTERED TO OBTAIN AN ADEQUATE, EQUITABLE AND SUSTAINABLE STANDARD OF LIVING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVELOPED OVER 130 AFFORDABLE UNITS FOR SALE THROUGHOUT OUR SERVICE AREA, OFFER 44 AFFORDABLE (BELOW MARKET RATE) RENTALS AND 89 HOMEOWNERSHIP OPPORTUNITIES IN TRAVERSE CITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nicole Manville Secretary | Officer | 4 | $0 |
Thomas Cronin Vice President | Officer | 4 | $0 |
Sarna Salzman Treasurer | Officer | 4 | $0 |
Geoff Streit President | Officer | 4 | $0 |
Tim Burden Director | Trustee | 2 | $0 |
Marie Porter Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $228,328 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $228,328 |
| Total Program Service Revenue | $324,045 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $133,540 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $707,913 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $86,137 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $29,773 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $11,241 |
| Fees for services: Management | $80,506 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,028 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,726 |
| Advertising and promotion | $0 |
| Office expenses | $3,994 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,633 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,401 |
| Interest | $22,214 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $53,097 |
| Insurance | $14,515 |
| All other expenses | $500 |
| Total functional expenses | $369,104 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $728,088 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,528 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $42,479 |
| Inventories for sale or use | $1,403,854 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,265,285 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $345,000 |
| Total assets | $3,786,234 |
| Accounts payable and accrued expenses | $300,746 |
| Grants payable | $0 |
| Deferred revenue | $262,500 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,771,691 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $11,782 |
| Total liabilities | $3,346,719 |
| Net assets without donor restrictions | $381,485 |
| Net assets with donor restrictions | $58,030 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $3,786,234 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Homestretch Nonprofit Housing Corporation has recieved totaling $60,000.
| Awarding Organization | Amount |
|---|---|
Rotary Charities Of Traverse City Traverse City, MI PURPOSE: EMERGING NEEDS FUND | $60,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Church Residences Columbus, OH | $160,821,916 | $104,850,885 |
Wisconsin Housing Preservation Corp Madison, WI | $363,112,557 | $53,775,337 |
Capital Area Housing Partnership Lansing, MI | $4,892,725 | $36,115,951 |
Community Housing Network Inc Columbus, OH | $58,364,637 | $14,874,820 |
Ho-Chunk Housing And Community Development Agency Tomah, WI | $18,849,800 | $12,706,218 |
Iccf Community Home Grand Rapids, MI | $56,991,774 | $12,188,676 |
Over The Rhine Community Housing Cincinnati, OH | $24,358,276 | $7,722,304 |
Hudsonville Christian School Hudsonville, MI | $18,424,541 | $13,917,128 |
Lacasa Of Goshen Inc Goshen, IN | $26,643,418 | $6,732,087 |
Dwelling Place Of Grand Rapids Nonprofit Housing Corporation Grand Rapids, MI | $53,298,449 | $7,853,634 |
Creative Housing Inc Columbus, OH | $43,851,773 | $5,323,506 |
Harbor House Ministries Jenison, MI | $5,031,278 | $3,994,152 |